Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 001-35955 | |
Entity Registrant Name | Vuzix Corp | |
Entity Incorporation, State or Country Code | DE | |
Entity Central Index Key | 0001463972 | |
Entity Tax Identification Number | 04-3392453 | |
Entity Address, Address Line One | 25 Hendrix Road, Suite A | |
Entity Address, City or Town | West Henrietta | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14586 | |
City Area Code | 585 | |
Local Phone Number | 359-5900 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | VUZI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 63,072,820 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and Cash Equivalents | $ 132,722,096 | $ 36,069,508 |
Accounts Receivable | 1,296,909 | 1,388,882 |
Revenues in Excess of Billings | 40,856 | |
Inventories, Net | 6,958,519 | 6,100,824 |
Licenses, Net | 204,333 | 272,444 |
Manufacturing Vendor Prepayments | 2,270,795 | 485,032 |
Prepaid Expenses and Other Assets | 595,876 | 738,561 |
Total Current Assets | 144,089,384 | 45,055,251 |
Long-Term Assets | ||
Fixed Assets, Net | 2,713,541 | 2,837,402 |
Operating Lease Right-of-Use Asset | 1,493,973 | 1,517,306 |
Patents and Trademarks, Net | 1,664,272 | 1,593,049 |
Licenses, Net | 163,505 | 193,687 |
Intangible Asset, Net | 461,729 | 566,456 |
Other Assets, Net | 866,667 | 708,333 |
Total Assets | 151,453,071 | 52,471,484 |
Current Liabilities | ||
Accounts Payable | 1,326,127 | 1,517,155 |
Unearned Revenue | 23,454 | 41,152 |
Accrued Expenses | 1,629,081 | 983,033 |
Taxes Payable | 44,364 | 109,653 |
Operating Lease Right-of-Use Liability | 551,967 | 444,495 |
Total Current Liabilities | 3,574,993 | 3,095,488 |
Long-Term Liabilities | ||
Operating Lease Right-of-Use Liability | 942,006 | 1,072,811 |
Total Liabilities | 4,516,999 | 4,168,299 |
Stockholders' Equity | ||
Preferred Stock - $0.001 Par Value, 5,000,000 Shares Authorized; Zero and 49,626 Shares Issued and Outstanding as of March 31, 2021 and December 31, 2020. | 50 | |
Common Stock - $0.001 Par Value, 100,000,000 Shares Authorized; 62,142,940 and 45,645,166 Shares Issued and Outstanding as of March 31, 2021 and December 31, 2020. | 62,142 | 45,645 |
Additional Paid-in Capital | 316,208,276 | 210,952,473 |
Accumulated Deficit | (169,334,346) | (162,694,983) |
Total Stockholders' Equity | 146,936,072 | 48,303,185 |
Total Liabilities and Stockholders' Equity | $ 151,453,071 | $ 52,471,484 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 49,626 |
Preferred Stock, Shares Outstanding | 0 | 49,626 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 62,142,940 | 45,645,166 |
Common Stock, Shares Outstanding | 62,142,940 | 45,645,166 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2019 | $ 50 | $ 33,128 | $ 168,950,076 | $ (144,742,811) | $ 24,240,443 |
Balance (in shares) at Dec. 31, 2019 | 49,626 | 33,128,620 | |||
Stock-Based Compensation Expense | 209,965 | 209,965 | |||
Net Loss | (5,361,624) | (5,361,624) | |||
Balance at Mar. 31, 2020 | $ 50 | $ 33,128 | 169,160,041 | (150,104,435) | 19,088,784 |
Balance (in shares) at Mar. 31, 2020 | 49,626 | 33,128,620 | |||
Balance at Dec. 31, 2020 | $ 50 | $ 45,645 | 210,952,473 | (162,694,983) | 48,303,185 |
Balance (in shares) at Dec. 31, 2020 | 49,626 | 45,645,166 | |||
Stock-Based Compensation Expense | 2,047,378 | 2,047,378 | |||
Stock Option Exercises | $ 231 | 196,597 | 196,828 | ||
Stock Option Exercises (in shares) | 230,968 | ||||
Stock Warrant Exercises | $ 7,241 | 34,561,297 | 34,568,538 | ||
Stock Warrant Exercises (in shares) | 7,241,028 | ||||
Proceeds from Common Stock Offerings | $ 4,146 | 84,995,865 | 85,000,011 | ||
Proceeds from Common Stock Offerings (in shares) | 4,146,342 | ||||
Direct Costs of Common Stock Offerings | (5,396,139) | (5,396,139) | |||
Shares Redeemed to Cover Employee Tax Withholdings | $ (83) | (1,144,283) | (1,144,366) | ||
Shares Redeemed to Cover Employee Tax Withholdings (in shares) | (83,164) | ||||
Preferred Stock Converted & Preferred Dividend Settlement | $ (50) | $ 4,962 | (10,004,912) | (10,000,000) | |
Net Loss | (6,639,363) | (6,639,363) | |||
Balance at Mar. 31, 2021 | $ 62,142 | $ 316,208,276 | $ (169,334,346) | $ 146,936,072 | |
Balance (in shares) at Mar. 31, 2021 | 62,142,940 | ||||
Preferred Stock Converted & Preferred Dividend Settlement (in shares) | (49,626) | 4,962,600 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Sales: | ||
Total Sales | $ 3,915,389 | $ 1,531,715 |
Cost of Sales: | ||
Total Cost of Sales | 2,835,798 | 1,451,199 |
Gross Profit (exclusive of depreciation shown separately below) | 1,079,591 | 80,516 |
Operating Expenses: | ||
Research and Development | 2,079,927 | 2,023,058 |
Selling and Marketing | 1,240,734 | 1,152,808 |
General and Administrative | 3,703,837 | 1,537,820 |
Depreciation and Amortization | 517,412 | 648,541 |
Loss on Fixed Asset Disposal | (83,908) | |
Impairment of Patents and Trademarks | 27,731 | 57,532 |
Total Operating Expenses | 7,653,549 | 5,419,759 |
Loss from Operations | (6,573,958) | (5,339,243) |
Other Income (Expense): | ||
Investment Income | 7,838 | 22,157 |
Other Taxes | (19,725) | (17,686) |
Foreign Exchange Loss | (53,518) | (26,852) |
Total Other Expense, Net | (65,405) | (22,381) |
Loss Before Provision for Income Taxes | (6,639,363) | (5,361,624) |
Net Loss | (6,639,363) | (5,361,624) |
Preferred Stock Dividends - Accrued not Paid | (499,838) | |
Loss Attributable to Common Stockholders | $ (6,639,363) | $ (5,861,462) |
Basic and Diluted Loss per Common Share | $ (0.12) | $ (0.18) |
Weighted-average Shares Outstanding - Basic and Diluted | 54,141,761 | 33,128,620 |
Products Sold | ||
Sales: | ||
Total Sales | $ 3,805,170 | $ 1,371,509 |
Cost of Sales: | ||
Cost of Sales | 2,819,971 | 1,426,038 |
Sales of Engineering Services | ||
Sales: | ||
Total Sales | 110,219 | 160,206 |
Cost of Sales: | ||
Cost of Sales | $ 15,827 | $ 25,161 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net Loss | $ (6,639,363) | $ (5,361,624) |
Non-Cash Adjustments | ||
Depreciation and Amortization | 517,412 | 648,541 |
Amortization of Software Development Costs in Cost of Sales - Products | 60,099 | 25,000 |
Stock-Based Compensation | 2,106,206 | 282,201 |
Impairment of Patents and Trademarks | 27,731 | 57,532 |
Loss on Fixed Asset Disposal | 83,908 | |
(Increase) Decrease in Operating Assets | ||
Accounts Receivable | 91,973 | 450,454 |
Revenues in Excess of Billings | (40,856) | (160,206) |
Inventories | (857,695) | 39,491 |
Manufacturing Vendor Prepayments | (1,785,763) | (231,979) |
Prepaid Expenses and Other Assets | 142,685 | 187,812 |
Increase (Decrease) in Operating Liabilities | ||
Accounts Payable | (191,028) | 235,139 |
Accrued Expenses | 646,048 | (330,876) |
Unearned Revenue | (17,698) | (42,749) |
Income and Other Taxes Payable | (65,288) | 2,513 |
Net Cash Flows Used in Operating Activities | (5,921,629) | (4,198,751) |
Cash Flows from Investing Activities | ||
Purchase of Fixed Assets | (314,981) | (221,074) |
Investments in Patents and Trademarks | (135,674) | |
Investments in Licenses and Other Intangible Assets | (200,000) | (43,608) |
Net Cash Used in Investing Activities | (650,655) | (264,682) |
Cash Flows from Financing Activities | ||
Proceeds from Exercise of Warrants | 34,568,538 | |
Proceeds from Exercise of Stock Options | 196,828 | |
Proceeds from Common Stock Offering, Net | 79,603,872 | |
Preferred Dividend Settlement Payment | (10,000,000) | |
Employee Tax Withholding Payment on Vesting Stock Awards - Covered by Withheld Shares | (1,144,366) | |
Net Cash Flows Provided from Financing Activities | 103,224,872 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 96,652,588 | (4,463,433) |
Cash and Cash Equivalents - Beginning of Period | 36,069,508 | 10,606,091 |
Cash and Cash Equivalents - End of Period | 132,722,096 | 6,142,658 |
Supplemental Disclosures | ||
Unamortized Common Stock Expense included in Prepaid Expenses | 160,222 | 295,725 |
Non-Cash Investment in Licenses | 544,889 | |
Stock-Based Compensation Expense - Expensed less Previously Issued | $ 58,828 | $ 72,236 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation | |
Basis of Presentation | Note 1 – Basis of Presentation The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Certain re-classifications may have been made to prior periods to conform with current reporting. The results of the Company’s operations for the three months ended March 31, 2021 are not necessarily indicative of the results of the Company’s operations for the full fiscal year or any other period. The accompanying interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto of the Company as of December 31, 2020, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2021. Customer Concentrations For the three months ended March 31, 2021, one customer represented 11% of total product revenue and two customers represented 100% of engineering services revenue. For the three months ended March 31, 2020, one customer represented 15% of total product revenue and two customers represented 100% of engineering services revenue. As of March 31, 2021, one customer represented 31% of accounts receivable and one customer represented 100% of accrued project revenue. As of December 31, 2020, two customers represented 21% and 14% of accounts receivable. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 provides for a new impairment model which requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable. ASU 2016-13 will become effective for the Company on January 1, 2023 and early adoption is permitted. The Company does not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements. |
Revenue Recognition and Contrac
Revenue Recognition and Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition and Contracts with Customers | |
Revenue Recognition and Contracts with Customers | Note 2 – Revenue Recognition and Contracts with Customers Disaggregated Revenue The Company’s total revenue was comprised of two major product lines: Smart Glasses Sales and Engineering Services. The following table summarizes the revenue recognized by major product line: Three Months Ended March 31, 2021 2020 Revenues Smart Glasses Sales $ 3,805,170 $ 1,371,509 Engineering Services 110,219 160,206 Total Revenue $ 3,915,389 $ 1,531,715 Significant Judgments Under Topic 606 “Revenue from Contracts with Customers”, we use judgments that could potentially impact both the timing of our satisfaction of performance obligations and our determination of transaction prices used in determining revenue recognized by major product line. Such judgments include considerations in determining our transaction prices and when our performance obligations are satisfied for our standard product sales that include an end-user 30-day right to return if not satisfied with product and include general payment terms that are between Net 30 and 60 days. For our Engineering Services, performance obligations are recognized over time using the input method and the estimated costs to complete each project are considered significant judgments. Performance Obligations Revenues from our performance obligations are typically satisfied at a point in time for Smart Glasses, Waveguides and Display Engines, and our OEM Products, which are recognized when the customer obtains control and ownership, which is generally upon shipment. The Company also records revenue for performance obligations relating to our Engineering Services over time by using the input method measuring progress toward satisfying the performance obligations. Satisfaction of our performance obligations related to our Engineering Services is measured by the Company’s costs incurred as a percentage of total expected costs to project completion as the inputs of actual costs incurred by the Company are directly correlated with progress of completing the contract. As such, the Company believes that our methodologies for recognizing revenue over time for our Engineering Services correlate directly with the transfer of control of the underlying assets to our customers. Our standard product sales include a twelve 12 eighteen 18 twelve 12 twelve 12 The following table presents a summary of the Company’s net sales by revenue recognition method as a percentage of total net sales for the three months ended March 31, 2021: % of Total Net Sales Point-in-Time 97 % Over Time – Input Method 3 % Total 100 % Remaining Performance Obligations As of March 31, 2021, the Company had approximately $60,000 of remaining performance obligations under a current waveguide development project, which represents the remainder of the total transaction price of these development agreements of $200,000, less revenue recognized under percentage of completion to date. The Company currently expects to recognize the remaining revenue relating to this existing performance obligation of $60,000 in the second quarter of 2021. Revenues earned less amounts invoiced at March 31, 2021 in the amount of approximately |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Loss Per Share | |
Loss Per Share | Note 3 – Loss Per Share Basic loss per share is computed by dividing the loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution from the assumed exercise of stock options and warrants, and the conversion of convertible preferred shares. During periods of net loss, all common stock equivalents are excluded from the diluted EPS calculation because they are anti-dilutive. Since the Company reported a net loss for the three months ended March 31, 2021 and 2020, the calculation for basic and diluted earnings per share is considered to be the same, as the impact of potential common shares is anti-dilutive. At March 31, 2021 and 2020, there were 8,983,727 and 12,858,707 common stock share equivalents, respectively, potentially issuable under conversion of preferred shares, options, and warrants that could dilute basic earnings per share in the future. |
Inventories, Net
Inventories, Net | 3 Months Ended |
Mar. 31, 2021 | |
Inventories, Net | |
Inventories, Net | Note 4 – Inventories, Net Inventories are stated at the lower of cost and net realizable value, and consisted of the following: March 31, December 31, 2021 2020 Purchased Parts and Components $ 5,592,952 $ 5,252,709 Work-in-Process 1,334,080 1,381,677 Finished Goods 3,840,740 3,352,057 Less: Reserve for Obsolescence (3,809,253) (3,885,619) Inventories, Net $ 6,958,519 $ 6,100,824 |
Licenses, Net
Licenses, Net | 3 Months Ended |
Mar. 31, 2021 | |
Licenses, Net | |
Licenses, Net | Note 5 – Licenses, Net March 31, December 31, 2021 2020 Licenses $ 1,038,606 $ 493,717 Less: Accumulated Amortization / Expensed (670,768) (572,475) Additions — 544,889 367,838 466,131 Less: Current Portion (204,333) (272,444) Licenses, Net $ 163,505 $ 193,687 In December 2020, the Company renewed its global non-exclusive master reseller agreement for certain smart glasses software under which it committed to sell a minimum number of new software licenses in 2021, as well as the unsold remainder from 2020. The amount capitalized, included in current assets on the Consolidated Balance Sheets, will be expensed to cost of sales - products sold during the period based upon actual software licenses sold, with any of the remaining prepaid licenses expensed at the end of the term of the master reseller agreement. |
Intangible Asset, Net
Intangible Asset, Net | 3 Months Ended |
Mar. 31, 2021 | |
Intangible Asset, Net | |
Intangible Asset, Net | Note 6 – Intangible Asset, Net March 31, December 31, 2021 2020 Intangible Asset $ 1,500,000 $ 1,500,000 Less: Accumulated Amortization (1,038,271) (933,544) Intangible Asset, Net $ 461,729 $ 566,456 On October 4, 2018, the Company entered into amendment No. 1 to agreements (the “TDG Amendment”) with TDG Acquisition Company, LLC (“TDG”), aka Six15 Technologies, LLC. The TDG Amendment amends certain provisions of prior agreements between Vuzix and TDG, including an asset purchase agreement dated June 15, 2012, and an authorized reseller agreement dated June 15, 2012. Pursuant to the TDG Amendment, the Company is permitted to engage in sales of heads-up display components or subsystems (and any services to support such sale) for incorporation into a finished good or system for sale to military organizations, subject to certain conditions. The Company is also permitted to sell its products to defense and security organizations that include business customers and governmental entity customers that primarily provide security and defense services, including police, fire fighters, EMTs, other first responders, and homeland and border security. The Company will owe TDG commissions with respect to all such sales until June 15, 2022, when the amendment and original non-compete agreements expire, after which the Company will be permitted to sell any product to any customer world-wide without owing any commission to TDG. Total commissions expense under this agreement for the three months ended March 31, 2021 and 2020 was $52,655 and $36,580. All commissions expense related to this agreement are included in Selling and Marketing expense. Total amortization expense for this intangible asset for the three months ended March 31, 2021 and 2020 was $104,727 and $102,000. Future monthly amortization expense for the next 14 months is approximately $34,000 per month or $408,000 per year. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses | |
Accrued Expenses | Note 7 – Accrued Expenses Accrued expenses consisted of the following: March 31, December 31, 2021 2020 Accrued Wages and Related Costs $ 684,201 $ 582,924 Accrued Professional Services 258,350 187,323 Accrued Warranty Obligations 111,049 143,898 Other Accrued Expenses 575,481 68,888 Total $ 1,629,081 $ 983,033 The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally twelve 12 The changes in the Company’s accrued warranty obligations for the three months ended March 31, 2021 and the balance as of December 31, 2020 were as follows: Accrued Warranty Obligation at December 31, 2020 $ 143,898 Reductions for Settling Warranties (147,004) Warranties Issued During Period 114,155 Accrued Warranty Obligations at March 31, 2021 $ 111,049 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Income Taxes | Note 8 – Income Taxes The Company’s effective income tax rate is a combination of federal, state and foreign tax rates and differs from the U.S. statutory rate due to taxes on foreign income, permanent differences including tax-exempt interest, and the resolution of tax uncertainties, offset by a valuation allowance against U.S. deferred income tax assets. |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2021 | |
Capital Stock | |
Capital Stock | Note 9 – Capital Stock Preferred stock The Board of Directors is authorized to establish and designate different series of preferred stock and to fix and determine their voting powers and other special rights and terms. A total of 5,000,000 shares of preferred stock with a par value of $0.001 are authorized as of March 31, 2021 and December 31, 2020. Of this total, 49,626 shares are designated as Series A Preferred Stock. There were nil and 49,626 shares of Series A Preferred Stock issued outstanding On January 28, 2021, Intel Corporation (“Intel”) (which was the holder of all of the outstanding shares of Series A Preferred Stock) converted all of its 49,626 shares of Series A Preferred Stock into 4,962,600 shares of common stock and the shares of Series A Preferred Stock have been retired and cannot be reissued. In connection with the foregoing, Intel and the Company entered into an agreement pursuant to which Intel agreed to accept $10,000,000 in full payment of all accrued Series A Preferred Stock dividends in the approximate amount of $10,800,000. Common Stock The Company’s authorized common stock consists of 100,000,000 shares, par value of $0.001. There were 62,142,940 and 45,645,166 shares of common stock issued outstanding On March 25, 2021, the Company entered into an underwriting agreement with BTIG, LLC for the sale of an aggregate of 4,146,342 shares of the Company’s common stock in a registered public offering at a purchase price of $20.50 per share. In addition, the Company granted the underwriters a 30-day option to purchase up to 621,951 additional shares of common stock to cover over-allotments, which was fully exercised as described in Subsequent Events Note 15. On March 30, 2021, the Company closed on this public offering and received gross sale proceeds of $85,000,011 upon the issuance of 4,146,342 shares of common stock. The Company received net proceeds after issuance costs and expenses of $79,603,872. |
Stock Warrants
Stock Warrants | 3 Months Ended |
Mar. 31, 2021 | |
Stock Warrants | |
Stock Warrants | Note 10 – Stock Warrants A summary of the various changes in warrants during the three months ended March 31, 2021 is as follows: March 31, 2021 Warrants Outstanding at December 31, 2020 7,276,928 Exercised During the Period (7,241,028) Issued During the Period — Expired During the Period — Warrants Outstanding at March 31, 2021 35,900 The outstanding warrants as of March 31, 2021, expire on January 2, 2022. The average remaining term of the warrants was 0.8 years. The exercise price was $4.10 per share. During the three months ended March 31, 2021, a total of 7,241,028 warrants were exercised on a cash basis resulting in the issuance of 7,241,028 shares of common stock and proceeds to the Company of $34,568,538. During the three months ended March 31, 2020 there were no warrants exercised. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation | |
Stock-Based Compensation | Note 11 – Stock-Based Compensation A summary of stock option activity related to the Company’s standard employee incentive plan, excluding options awarded under the Long-term Incentive Plan, for the three months ended March 31, 2021 is as follows: Weighted Number of Average Options Exercise Price Outstanding at December 31, 2020 2,633,175 $ 3.09 Granted 825,500 18.94 Exercised (247,452) 4.03 Expired or Forfeited (47,396) 9.86 Outstanding at March 31, 2021 3,163,827 $ 7.04 The weighted average remaining contractual term for all options as of March 31, 2021 and December 31, 2020 was 8.2 years and 6.5 years, respectively. As of March 31, 2021, there were 1,093,268 options that were fully vested and exercisable at a weighted average exercise price of $3.72 per share. The weighted average remaining contractual term on the vested options is 6.0 years. As of March 31, 2021, there were 2,070,559 unvested options exercisable at a weighted average exercise price of $8.79 per share. The weighted average remaining contractual term on the unvested options is 9.3 years. The weighted average fair value of option grants was calculated using the Black-Scholes-Merton option pricing method. At March 31, 2021, the Company had approximately $12,922,000 of unrecognized stock compensation expense, which will be recognized over a weighted average period of approximately 3.8 years. For the three months ended March 31, 2021 and 2020, the Company recorded total stock-based compensation expense, including stock awards, of $456,745 and $282,201, respectively. |
Long-term Incentive Plan
Long-term Incentive Plan | 3 Months Ended |
Mar. 31, 2021 | |
Long-term Incentive Plan | |
Long-term Incentive Plan | Note 12 – Long-term Incentive Plan On March 17, 2021, the Company granted options to purchase a total of 5,784,000 shares of common stock to its officers and certain other members of its management team. The options were granted under the Company’s existing 2014 Incentive Stock Plan. The options have an exercise price of $19.00, with 375,000 having vested immediately and the remaining portion vest upon the achievement of certain equity market capitalization milestones, revenue and EBITDA operational milestones. For the three months ended March 31, 2021, the Company recorded stock-based compensation expense of $1,649,461 for shares that vested or are probable to vest. The fair value of option grants was calculated using a Monte Carlo simulation on the equity market capitalization tranches and the Black-Scholes-Merton option pricing method on the operational milestone tranches. As of March 31, 2021, we had $22.3 million of total unrecognized stock-based compensation expense for the portion of options tied to equity market capitalization milestones and the portion of options tied to operational milestones that were considered probable of achievement, all of which will be recognized over a service period of 10 years , and are subject to catch-adjustments in each instance where an equity market capitalization milestone is achieved or when an operational milestone becomes probable to be achieved or is achieved. If such milestones are achieved, the remaining unrecognized compensation expense related to that particular milestone would be accelerated and recognized in full during the period the achievement is certified by the Board of Directors. As of March 31, 2021, we had unrecognized stock-based compensation expense of |
Litigation
Litigation | 3 Months Ended |
Mar. 31, 2021 | |
Litigation | |
Litigation | Note 13 – Litigation We are not currently involved in any actual or pending legal proceeding or litigation and we are not aware of any such proceedings contemplated by or against us or involving our property. |
Right-of-Use Assets and Liabili
Right-of-Use Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Right-of-Use Assets and Liabilities | |
Right-of-Use Assets and Liabilities | Note 14 – Right-of-Use Assets and Liabilities Future lease payments under operating leases as of March 31, 2021 were as follows: 2021 (9 months remaining) $ 460,703 2022 549,270 2023 536,270 2024 44,689 Total Future Lease Payments 1,590,932 Less: Imputed Interest (96,959) Total Lease Liability Balance $ 1,493,973 Operating lease costs under the operating leases totaled $124,215 and $150,000 for the three months ended March 31, 2021 and 2020, respectively. As of March 31, 2021, the weighted average discount rate was 4.5% and the weighted average remaining lease term was 2.9 years. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events | |
Subsequent Events | Note 15 - Subsequent Events On April 1, 2021, the Company sold an additional 621,951 shares of its common stock pursuant to the full exercise by the underwriters of their over-allotment option under the underwriting agreement with BTIG, LLC dated March 25, 2021. The Company received gross sale proceeds of $12,749,996. Net proceeds received by the Company after issuance costs was $12,048,746. Since March 31, 2021, a total of 30,900 warrants were exercised on a cash basis resulting in the issuance of 30,900 shares of common stock in exchange for proceeds of $126,690. Additionally, since March 31, 2021, as a result of stock option exercises, the majority of which were on a cashless basis, we have issued an additional 277,029 shares of common stock. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation | |
Basis of Presentation | The accompanying unaudited consolidated financial statements of Vuzix Corporation (“the Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-X of the Securities and Exchange Commission (the “SEC”). Accordingly, the unaudited consolidated financial statements do not include all information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Certain re-classifications may have been made to prior periods to conform with current reporting. The results of the Company’s operations for the three months ended March 31, 2021 are not necessarily indicative of the results of the Company’s operations for the full fiscal year or any other period. The accompanying interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto of the Company as of December 31, 2020, as reported in the Company’s Annual Report on Form 10-K filed with the SEC on March 15, 2021. |
Customer Concentrations | Customer Concentrations For the three months ended March 31, 2021, one customer represented 11% of total product revenue and two customers represented 100% of engineering services revenue. For the three months ended March 31, 2020, one customer represented 15% of total product revenue and two customers represented 100% of engineering services revenue. As of March 31, 2021, one customer represented 31% of accounts receivable and one customer represented 100% of accrued project revenue. As of December 31, 2020, two customers represented 21% and 14% of accounts receivable. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). ASU 2016-13 provides for a new impairment model which requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to accounts receivable. ASU 2016-13 will become effective for the Company on January 1, 2023 and early adoption is permitted. The Company does not anticipate that the adoption of this standard will have a material impact on our consolidated financial statements. |
Revenue Recognition and Contr_2
Revenue Recognition and Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Recognition and Contracts with Customers | |
Schedule of company's total revenue by major product lines | Three Months Ended March 31, 2021 2020 Revenues Smart Glasses Sales $ 3,805,170 $ 1,371,509 Engineering Services 110,219 160,206 Total Revenue $ 3,915,389 $ 1,531,715 |
Schedule of company's net sales by revenue recognition method as a percentage of total net sales | The following table presents a summary of the Company’s net sales by revenue recognition method as a percentage of total net sales for the three months ended March 31, 2021: % of Total Net Sales Point-in-Time 97 % Over Time – Input Method 3 % Total 100 % |
Inventories, Net (Tables)
Inventories, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventories, Net | |
Schedule of Inventories | March 31, December 31, 2021 2020 Purchased Parts and Components $ 5,592,952 $ 5,252,709 Work-in-Process 1,334,080 1,381,677 Finished Goods 3,840,740 3,352,057 Less: Reserve for Obsolescence (3,809,253) (3,885,619) Inventories, Net $ 6,958,519 $ 6,100,824 |
Licenses, Net (Tables)
Licenses, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Licenses, Net | |
Schedule of Finite-Lived Intangible Assets | March 31, December 31, 2021 2020 Intangible Asset $ 1,500,000 $ 1,500,000 Less: Accumulated Amortization (1,038,271) (933,544) Intangible Asset, Net $ 461,729 $ 566,456 |
Intangible Asset, Net (Tables)
Intangible Asset, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Intangible Asset, Net | |
Schedule of Finite-Lived Intangible Assets | March 31, December 31, 2021 2020 Intangible Asset $ 1,500,000 $ 1,500,000 Less: Accumulated Amortization (1,038,271) (933,544) Intangible Asset, Net $ 461,729 $ 566,456 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: March 31, December 31, 2021 2020 Accrued Wages and Related Costs $ 684,201 $ 582,924 Accrued Professional Services 258,350 187,323 Accrued Warranty Obligations 111,049 143,898 Other Accrued Expenses 575,481 68,888 Total $ 1,629,081 $ 983,033 |
Schedule of changes in accrued warranty obligations | The changes in the Company’s accrued warranty obligations for the three months ended March 31, 2021 and the balance as of December 31, 2020 were as follows: Accrued Warranty Obligation at December 31, 2020 $ 143,898 Reductions for Settling Warranties (147,004) Warranties Issued During Period 114,155 Accrued Warranty Obligations at March 31, 2021 $ 111,049 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stock Warrants | |
Schedule of changes in warrants | A summary of the various changes in warrants during the three months ended March 31, 2021 is as follows: March 31, 2021 Warrants Outstanding at December 31, 2020 7,276,928 Exercised During the Period (7,241,028) Issued During the Period — Expired During the Period — Warrants Outstanding at March 31, 2021 35,900 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation | |
Schedule of Summary of Stock Option Activity | A summary of stock option activity related to the Company’s standard employee incentive plan, excluding options awarded under the Long-term Incentive Plan, for the three months ended March 31, 2021 is as follows: Weighted Number of Average Options Exercise Price Outstanding at December 31, 2020 2,633,175 $ 3.09 Granted 825,500 18.94 Exercised (247,452) 4.03 Expired or Forfeited (47,396) 9.86 Outstanding at March 31, 2021 3,163,827 $ 7.04 |
Right-of-Use Assets and Liabi_2
Right-of-Use Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Right-of-Use Assets and Liabilities | |
Schedule of Future lease payments under operating leases | Future lease payments under operating leases as of March 31, 2021 were as follows: 2021 (9 months remaining) $ 460,703 2022 549,270 2023 536,270 2024 44,689 Total Future Lease Payments 1,590,932 Less: Imputed Interest (96,959) Total Lease Liability Balance $ 1,493,973 |
Basis of Presentation - (Detail
Basis of Presentation - (Details) - customer | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
One Customer | Accounts Receivable [Member] | |||
Number Of Customers | 1 | ||
One customer | Total revenues [Member] | |||
Number Of Customers | 1 | 1 | |
Concentration Risk, Percentage | 11.00% | ||
One customer | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 31.00% | 21.00% | |
One customer | Accrued Project Revenue [Member] | |||
Number Of Customers | 1 | ||
Concentration Risk, Percentage | 100.00% | ||
One customer | Maximum | Total revenues [Member] | |||
Concentration Risk, Percentage | 15.00% | ||
Two customers | Sales of Engineering Services | |||
Number Of Customers | 2 | 2 | |
Concentration Risk, Percentage | 100.00% | 100.00% | |
Two customers | Accounts Receivable [Member] | |||
Number Of Customers | 1 | 2 | |
Concentration Risk, Percentage | 14.00% |
Revenue Recognition and Contr_3
Revenue Recognition and Contracts with Customers - Company's total revenue by major product lines (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 3,915,389 | $ 1,531,715 |
Smart Glasses Sales | ||
Revenue | 3,805,170 | 1,371,509 |
Engineering Services | ||
Revenue | $ 110,219 | $ 160,206 |
Revenue Recognition and Contr_4
Revenue Recognition and Contracts with Customers - Company's net sales as a percentage (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue Performance Obligation Percentage | 100.00% |
Point-in-Time - Output Method [Member] | |
Revenue Performance Obligation Percentage | 97.00% |
Over Time - Input Method [Member] | |
Revenue Performance Obligation Percentage | 3.00% |
Revenue Recognition and Contr_5
Revenue Recognition and Contracts with Customers - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2021 | |
Standard Product Warranty Term | 12 months | |
Revenue, Remaining Performance Obligation | $ 60,000 | |
Revenue, Performance Obligation, Total Transaction Price | 200,000 | |
Expects to Recognize Sales in Existing Remaining Performance Obligation | $ 60,000 | |
Accrued Project Revenue | $ 41,000 | |
Extended warranties | ||
Standard Product Warranty Term | 12 months | |
OEM products and waveguide sales | ||
Standard Product Warranty Term | 18 months |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Loss Per Share | ||
Earnings Per Share, Potentially Dilutive Securities | 8,983,727 | 12,858,707 |
Inventories, Net - Components o
Inventories, Net - Components of Inventories (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Inventories, Net | ||
Purchased Parts and Components | $ 5,592,952 | $ 5,252,709 |
Work in Process | 1,334,080 | 1,381,677 |
Finished Goods | 3,840,740 | 3,352,057 |
Less: Reserve for Obsolescence | (3,809,253) | (3,885,619) |
Inventories, Net | $ 6,958,519 | $ 6,100,824 |
Licenses, Net (Details)
Licenses, Net (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Licenses Net [Line Items] | ||
Less: Current Portion | $ (204,333) | $ (272,444) |
Licenses, Net | 163,505 | 193,687 |
Licensing Agreements [Member] | ||
Licenses Net [Line Items] | ||
Licenses | 1,038,606 | 493,717 |
Less: Accumulated Amortization / Expensed | (670,768) | (572,475) |
Additions | 544,889 | |
Licenses, Net | 367,838 | 466,131 |
Less: Current Portion | (204,333) | (272,444) |
Licenses, Net | $ 163,505 | $ 193,687 |
Intangible Asset, Net - Schedul
Intangible Asset, Net - Schedule of Finite-Lived Intangible Assets (Details) - Intangible Assets - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Intangible Asset | $ 1,500,000 | $ 1,500,000 |
Less: Accumulated Amortization | (1,038,271) | (933,544) |
Intangible Asset, Net | $ 461,729 | $ 566,456 |
Intangible Asset, Net - Additio
Intangible Asset, Net - Additional Information (Details) - TDG Acquisition Company LLC [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Amortization of intangible assets | $ 104,727 | $ 102,000 |
Amortization period (in months) | 14 months | |
Future monthly amortization expense | $ 34,000 | |
Future per annum amortization expense | 408,000 | |
Selling and Marketing Expense | ||
Total commission expense | $ 52,655 | $ 36,580 |
Accrued Expenses - Components o
Accrued Expenses - Components of Accrued Expenses (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued Expenses | ||
Accrued Wages and Related Costs | $ 684,201 | $ 582,924 |
Accrued Professional Services | 258,350 | 187,323 |
Accrued Warranty Obligations | 111,049 | 143,898 |
Other Accrued Expenses | 575,481 | 68,888 |
Total | $ 1,629,081 | $ 983,033 |
Accrued Expenses - Changes in A
Accrued Expenses - Changes in Accrued Warranty Obligations (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accrued Expenses | |
Accrued Warranty Obligations, beginning of period | $ 143,898 |
Reductions for Settling Warranties | (147,004) |
Warranties Issued During Period | 114,155 |
Accrued Warranty Obligations, end of period | $ 111,049 |
Accrued Expenses - Additional I
Accrued Expenses - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses | |
Standard Product Warranty Term | 12 months |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | Mar. 30, 2021 | Mar. 25, 2021 | Jan. 28, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||
Preferred Stock, Par Value | $ 0.001 | $ 0.001 | |||
Preferred Stock, Shares Issued | 0 | 49,626 | |||
Preferred Stock, Shares Outstanding | 0 | 49,626 | |||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||
Common Stock, Shares, Issued | 62,142,940 | 45,645,166 | |||
Common Stock, Shares, Outstanding | 62,142,940 | 45,645,166 | |||
Sale of stock number of shares issued in transaction | 4,146,342 | ||||
Purchase price | $ 20.50 | ||||
Option to purchase additional shares | 621,951 | ||||
Proceeds from issuance of sale of equity gross | $ 85,000,011 | ||||
Issuance of common stock | 4,146,342 | ||||
Proceeds from issuance or sale of equity net | $ 79,603,872 | ||||
Corporation | |||||
Conversion of stock | 49,626 | ||||
Shares issued on conversion | 4,962,600 | ||||
Dividend payment amount | $ 10,000,000 | ||||
Dividend accrued | $ 10,800,000 | ||||
Series A Preferred Stock [Member] | |||||
Preferred Stock, Shares Issued | 0 | 49,626 | |||
Preferred Stock, Shares Outstanding | 0 | 49,626 |
Stock Warrants - Changes in War
Stock Warrants - Changes in Warrants (Details) | 3 Months Ended |
Mar. 31, 2021shares | |
Stock Warrants | |
Warrants Outstanding, Beginning of Year | 7,276,928 |
Exercised During the Year | (7,241,028) |
Warrants Outstanding, End of Year | 35,900 |
Stock Warrants - Additional Inf
Stock Warrants - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Capital Stock | ||
Weighted average term of warrants | 9 months 18 days | |
Exercise price (per share) | $ 4.10 | |
Warrants exercised | 7,241,028 | |
Warrants exercised on cash basis | 7,241,028 | 0 |
Proceeds from issuance of warrants | $ 34,568,538 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Details) - Stock options | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Number of Options | |
Outstanding, Beginning Balance | shares | 2,633,175 |
Granted | shares | 825,500 |
Exercised | shares | (247,452) |
Expired or Forfeited | shares | (47,396) |
Outstanding, Ending Balance | shares | 3,163,827 |
Weighted Average Exercise Price | |
Outstanding, Beginning Balance | $ / shares | $ 3.09 |
Granted | $ / shares | 18.94 |
Exercised | $ / shares | 4.03 |
Expired or Forfeited | $ / shares | 9.86 |
Outstanding, Ending Balance | $ / shares | $ 7.04 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Stock-Based Compensation | |||
Options Outstanding, Weighted Average Remaining Life (Years) | 8 years 2 months 12 days | 6 years 6 months | |
Exercisable Options Outstanding Shares | 1,093,268 | ||
Weighted average exercise price per share, Exercisable | $ 3.72 | ||
Weighted average remaining contractual term on vested options | 6 years | ||
Unvested Options Outstanding, Shares | 2,070,559 | ||
Unvested Options Outstanding, Weighted average exercise price | $ 8.79 | ||
Unvested Options Outstanding Weighted average remaining life (years) | 9 years 3 months 18 days | ||
Unrecognized stock compensation expense | $ 12,922,000 | ||
Weighted average recognition period | 3 years 9 months 18 days | ||
Share-Based compensation excludes the long term incentive plan expense | $ 456,745 | $ 282,201 | |
Share-based Compensation | $ 2,106,206 | $ 282,201 |
Long-term Incentive Plan (Detai
Long-term Incentive Plan (Details) - USD ($) | Mar. 17, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Long-term Incentive Plan | |||
Exercise price | $ 3.72 | ||
Share-based Compensation | $ 2,106,206 | $ 282,201 | |
Unrecognized stock-based compensation expense | $ 12,922,000 | ||
Recognition period | 3 years 9 months 18 days | ||
Stock options | Long-term Incentive Plan 2021 | |||
Long-term Incentive Plan | |||
Granted | 5,784,000 | ||
Exercise price | $ 19 | ||
Share-based Compensation | $ 1,649,461 | ||
Stock options | Vest immediately | Long-term Incentive Plan 2021 | |||
Long-term Incentive Plan | |||
Options vested | $ 375,000 | ||
Stock options tied to equity market capitalization milestone | |||
Long-term Incentive Plan | |||
Unrecognized stock-based compensation expense | $ 22,300,000 | ||
Recognition period | 10 years | ||
Stock options tied to operational milestone | |||
Long-term Incentive Plan | |||
Unrecognized stock-based compensation expense | $ 8,600,000 |
Right-of-Use Assets and Liabi_3
Right-of-Use Assets and Liabilities - Operating Leases (Details) | Mar. 31, 2021USD ($) |
Right-of-Use Assets and Liabilities | |
2021 (9 months remaining) | $ 460,703 |
2022 | 549,270 |
2023 | 536,270 |
2024 | 44,689 |
Total Future Lease Payments | 1,590,932 |
Less: Imputed Interest | (96,959) |
Total Lease Liability Balance | $ 1,493,973 |
Right-of-Use Assets and Liabi_4
Right-of-Use Assets and Liabilities - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Right-of-Use Assets and Liabilities | ||
Operating lease costs | $ 124,215 | $ 150,000 |
Weighted average discount rate | 4.50% | |
Weighted average remaining term | 2 years 10 months 24 days |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | May 11, 2021 | Apr. 01, 2021 | Mar. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Subsequent Event [Line Items] | |||||
Issuance of common stock | 4,146,342 | ||||
Proceeds from Common Stock Offerings | $ 79,603,872 | ||||
Warrants exercised on cash basis | 7,241,028 | 0 | |||
Stock Warrant Exercises (in shares) | 30,900 | ||||
Proceeds from exercise of warrants | $ 34,568,538 | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Stocks issued due to exercise of Stock Options (in shares) | 277,029 | ||||
Subsequent Event | Common Stock and Warrant | |||||
Subsequent Event [Line Items] | |||||
Warrants exercised on cash basis | 30,900 | ||||
Proceeds from exercise of warrants | $ 126,690 | ||||
Subsequent Event | Over-Allotment Option | |||||
Subsequent Event [Line Items] | |||||
Issuance of common stock | 621,951 | ||||
Proceeds from Common Stock Offerings | $ 12,749,996 | ||||
Net proceeds received after issuance costs | $ 12,048,746 |